Am I missing something? Help please!

[Anonymous]

I am going to start out this thread by saying I don't intend for this to be inflammatory by soundling like I'm bashing American Express...

For the last couple months, I've strategically been applying for credit cards that align with my spending to maximize rewards, and I have made a wish list of cards that I want (the ones that remain are included in my signature). That said, I'm having trouble finding an American Express that fits in my list. Despite really wanting an American Express credit card just to say that I have one, I'm having trouble finding one that covers my spending categories better than the ones I have now or are on my list. I find the Sallie Mae MasterCard to be more useful to me than BCE due to my low monthly spending. I find Chase's and Discover's rotating categories also cover a lot of my spending (restaurants, online shopping, etc). I'm literally having trouble finding an Amex that I feel would help me collect rewards better than what's on my list. I don't do a lot of travelling, but even if I did, it seems like the CSP would still be a superior card to what I'm seeing on Amex's website unless there is something I'm missing.

Does anyone know of any Amex cards other than the ones listed on Amex's website that offer truly exceptional rewards, preferably with no annual fee unless the rewards are stellar? I really want an Amex in my portfolio! They're flashy. But I want one that I would use -- not just one that I would show off. 

P.S. I do see the value in the Fidelity Amex, (although even that card is rivaled by Citi's Double Cash), but the problem is I don't bank with Fidelity.

[Berk]

If you can't find a card that fits then don't get one. AMEX has so broadened its product offering lately that having one isn't all that big a deal any more. if it wasn't for the travel I do with Delta I doubt I would have any AMEX products due to AFs.

Very smart not to get one just to have one.

[Anonymous]

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@Berk wrote:

If you can't find a card that fits then don't get one. AMEX has so broadened its product offering lately that having one isn't all that big a deal any more. if it wasn't for the travel I do with Delta I doubt I would have any AMEX products due to AFs.

Very smart not to get one just to have one.

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It's probably worth having an Amex just for future backdating (ignore the 3x CLI madness here!), so get a 0AF as early as seems reasonable, just to keep for the future.

But go for other more useful cards first if either you feel inquiry limited or just don't want to deal with a bunch of cards.

The Sallie Mae does make the BCE largely pointless, these days (and I just got one) I would recommend the Amex Everyday as the sockdraw Amex card, one day it might be useful.

It's very likely that none of the Amex cards feel compelling, it all depends on your spending and goals.

There are a lot of issuers out there, as Berk says Amex is far from "special" these days, although a lot of people who don't know better still have the reaction.  Amex has expanded downmarket, many other issuers have great products, so apart from the potential gain of backdating, it's not so important to get one if you don't feel the need.

[gh17]

I feel the same way.  Nothing from American Express looks appealing to me, and I feel like it's just a lot of hype.

As was mentioned above, it could be useful for "backdating" since they use your member since date to determine the account opened date on your credit reports.  I've never bothered though and probably won't.

[Anonymous]

Amex cards are generally boring but the main thing I like are the credit lines they tend to give. For me Amex lines are usually the highest and if not they are very close. I have the everyday card and its been good so far. Nothing extraordinary but decent reward points and generous credit increases.

[Anonymous]

Actually, looking at my credit lines Amex turns out to be double my next issuer so Amex doesn't mind giving out high limits. That's what I like best. Even if I don't use it all its nice having that available limit for the utilization on the reports.

[Anonymous]

I like the BCP because it gives 6% back on groceries. If you max out the grocery bonus every year, it comes out to something like 4.8% after taking the annual fee into account, which makes it slightly worse than Sallie Mae. However, I only have one SM, which is insufficient to cover my monthly grocery bill. Additionally, you can purchase giftcards from the grocery store. Purchasing a $500 gift card with $5 activation fee provides a net 5% return on that card, which can then be used on anything that you aren't already getting boosted returns on. 

That said, there are so many cards that provide 5% for various things that, assuming SM covers your entire grocery bill, it might make sense to just omit the BCP card. 

[newhis]

No, you are not missing anything. If the only purpose you have for a card are the rewards, then you can get other cards that will give you more back.

Only get an Amex if you want:

1. Backdating
2. Limit
3. Utilization

In any case, go with no AF card, so you can do a small purchase every now and then.

[Anonymous]

If you're strictly looking at category rewards, then I agree that AmEx doesn't offer anything really enticing.  But there are some other advantages to AmEx:

1. Acceptance at CostCo (at least for now).  AmEx is the only credit card that CostCo accepts.  For use at the register, I like using my Fidelity AmEx for 2%.  And of course, it's also useful for 2% everywhere else AmEx is accepted, though if you have the Citi 2% card, there's no advantage.  I'm not sure what you mean about "not banking at Fidelity."  So?  Get a Fidelity AmEx and, bang, you're banking at Fidelity.  The CostCo TrueEarnings Business AmEx card is also nice to have, partly because it doubles as my CostCo membership card, and also I can use it at the CostCo gas pumps for 4% cashback on gas.  Yeah, it's less than the 5% I'd get elsewhere on the SallieMae, so it's only useful when the price at CostCo is more than 1% lower than elsewhere (which was just last week for me).

2. AmEx Offers.  AmEx gives some pretty nice $-off deals for places I'd likely shop anyway, like $10 off a $50 purchase at Seasons 52, $5 off a WalMart.com order, $20 off Maggianos, etc..  I've made about $300 in the last year on these offers (on three different AmEx cards).

3. Small Business Saturday.  Coming up on the 29th, get up to 3x $10 off a $10 or more purchase at small businesses, using your registered AmEx.

One other AmEx card of note, though it's smelling like socks for me right now:  the PenFed Premium Travel Rewards AmEx.  5x points on air travel.  Only reason I'm not using it lately is that all my flights recently have been made using miles or points on other cards, so essentially free.

Chris.

[Anonymous]

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@Anonymous wrote:

If you're strictly looking at category rewards, then I agree that AmEx doesn't offer anything really enticing.  But there are some other advantages to AmEx:

1. Acceptance at CostCo (at least for now).  AmEx is the only credit card that CostCo accepts.  For use at the register, I like using my Fidelity AmEx for 2%.  And of course, it's also useful for 2% everywhere else AmEx is accepted, though if you have the Citi 2% card, there's no advantage.  I'm not sure what you mean about "not banking at Fidelity."  So?  Get a Fidelity AmEx and, bang, you're banking at Fidelity.  The CostCo TrueEarnings Business AmEx card is also nice to have, partly because it doubles as my CostCo membership card, and also I can use it at the CostCo gas pumps for 4% cashback on gas.  Yeah, it's less than the 5% I'd get elsewhere on the SallieMae, so it's only useful when the price at CostCo is more than 1% lower than elsewhere (which was just last week for me).

2. AmEx Offers.  AmEx gives some pretty nice $-off deals for places I'd likely shop anyway, like $10 off a $50 purchase at Seasons 52, $5 off a WalMart.com order, $20 off Maggianos, etc..  I've made about $300 in the last year on these offers (on three different AmEx cards).

3. Small Business Saturday.  Coming up on the 29th, get up to 3x $10 off a $10 or more purchase at small businesses, using your registered AmEx.

One other AmEx card of note, though it's smelling like socks for me right now:  the PenFed Premium Travel Rewards AmEx.  5x points on air travel.  Only reason I'm not using it lately is that all my flights recently have been made using miles or points on other cards, so essentially free.

Chris.

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The Penfed and Fidelity cards are Amex network, not an Amex card in the usual meaning. (so no backdating, 3x CLI, enhanced protections)